上市公司ESG信息披露的差异化规制路径研究
Exploring Differentiated Regulatory Approaches to ESG Information Disclosure in Listed Companies

我国上市公司ESG信息披露制度面临规范供给与制度效能断裂、强制转型与合规成本冲突、国际规则与本土实践张力等三重悖论。通过分析现行法律框架的分散性、跨境监管协调困境及信息披露质量缺陷等核心问题。比较欧盟《企业可持续发展报告指令》的全面强制模式与美国SEC渐进式规制的差异化路径，研究提出“分层分类”的差异化规制框架：以企业规模、行业属性与发展阶段为维度，构建“强制–鼓励–豁免”动态分级体系，并通过第三方审计、标准化数据平台及激励约束机制提升制度效能。同时，强调立法协同与国际规则接轨的必要性，建议在《公司法》《证券法》中嵌入ESG披露义务，结合乡村振兴、清洁能源等中国特色议题，平衡“漂绿”风险防控、企业合规成本与资本市场透明度需求。为我国构建兼具国际兼容性与本土适应性的上市公司ESG信息披露制度提供理论支持与路径参考，助力资本市场法治化与可持续发展目标的协同实现。
China’s ESG information disclosure system for listed companies faces three core paradoxes: a disconnect between regulatory supply and institutional effectiveness, a conflict between mandatory transformation and compliance costs, and a tension between international standards and domestic practices. These reflect deeper issues such as a fragmented legal framework, difficulties in cross-border regulatory coordination, and inadequate disclosure quality. By comparing the European Union’s comprehensive mandatory model under the Corporate Sustainability Reporting Directive (CSRD) with the United States Securities and Exchange Commission’s (SEC) gradual phased regulatory approach, this study proposes a differentiated, tiered regulatory framework based on corporate size, industry attributes, and development stage, forming a dynamic “mandatory-encouraged-exempted” classification system. To enhance institutional effectiveness, it advocates third-party audits, standardized data platforms, and integrated incentive and constraint mechanisms. Emphasizing the need for legislative coherence and convergence with international standards, the study further recommends embedding ESG disclosure obligations into the Company Law and Securities Law, while aligning with China-specific priorities such as rural revitalization and clean energy. This approach seeks to balance greenwashing prevention, compliance cost control, and capital market transparency, offering theoretical and practical support for building an ESG disclosure system that is both internationally compatible and locally adaptable, thereby promoting the rule of law in capital markets and the achievement of sustainable development goals.